Author: Finance Khabar

New Delhi: The Income Tax Department on Saturday extended the deadline for individuals to submit forms 15G and 15H for the current fiscal by three months to claim exemption from Tax Deducted at Source (TDS) on interest income amid the COVID-19 crisis. The forms are filed by people whose income is below the taxable threshold. They are usually submitted by taxpayers to banks and financial institutions in April. The Central Board of Direct Taxes (CBDT) said the 15G and 15H forms submitted in last fiscal year will remain valid till June 30 as the coronavirus pandemic has caused severe disruption…

Recent announcement by Prime Minister Narendra Modi to completely lockdown the country has made people stay at home and work from home. Coronavirus pandemic has affected lakhs of people all over the world and has killed many. This has led to panicky situation among the people as their health and finances are not in good condition. Coronavirus or COVID-19 has taught some important lessons about personal finance to mankind. Here are some points that can help you learn and grow in this tough time: 1) Having an emergency fund is utmost vital:Financial planners always suggest in their financial plan to…

We are living right now in a very uncertain period. Yes, it is completely challenging as the lockdown has imposed a lot of restrictions on us. But remember you are not alone as the entire world is going through the coronavirus crisis. COVID-19 might have also affected your income but don’t feel sad. As you are at home, utilize this time to start a new business. Wondering howcome you will setup a business with no money or high-qualification? Here we help you out: 1) Teach a skill:As schools and colleges have been closed throughout India, children are feeling bored doing…

Mumbai: Crisil has revised its rating outlook on non-convertible debentures and long-term bank facilities totalling Rs 40,302 crore of Vedanta Ltd to negative from stable while reaffirming the rating at AA. The rating on commercial paper and short-term bank facilities has been reaffirmed at A1-plus. The operating profitability (earnings before interest, tax, depreciation, and amortisation) for fiscal 2020 has moderated due to weaker aluminium and zinc prices, and slower-than-expected ramp-up in volumes across the zinc and oil and gas businesses. For fiscal 2021, despite the weaker outlook for commodity prices, operating profitability is expected to improve, mainly led by volume…

New Delhi: PNB Housing Finance Ltd said on Saturday that investment information firm ICRA has downgraded the rating of its non-convertible debentures and tier two bonds worth Rs 1,675 crore to AA negative from AA-plus negative. “The revision in rating factors in the weakening of PNB Housing Finance asset quality, especially in the wholesale loan portfolio, and the delays in its capital-raising programme along with the lower-than-expected planned equity infusion,” said ICRA. The company recently took the board’s approval to raise up to Rs. 1,700 crore of equity, which is lower than the previously envisaged amount. Moreover, given the current…

New Delhi: Government-owned Punjab & Sind Bank said on Saturday it will soon approach the Central Bureau of Investigation (CBI) to conduct a probe against Hyderabad-based Saptarishi Hotels for committing fraud involving Rs 76.58 crore. “It is informed that a non-performing asset (NPA) account namely Saptarishi Hotels Pvt Ltd with amount outstanding as on date of NPA that is April 30, 2016 of Rs 76.58 crore has been declared as fraud and reported to RBI as per regulatory requirement,” it said in filings at stock exchanges. “The bank is in the process of filing of complaint and first information report…

Mumbai: Mahindra and Mahindra (M&M) board of directors has refused to inject 406 million dollars (about Rs 3,078 crore) as fresh equity in SsangYong Motor Company (SYMC) in light of the COVID 19 impact. The board noted that large parts of the global economy are under shutdown. India particularly is under an unprecedented 21-day complete lockdown. Only emergency services are operating while everything else is closed. “After lengthy deliberation given the current and projected cash flows, the M&M board took a decision that M&M will not be able to inject any fresh equity into SYMC and has urged SYMC to…

Mumbai (Maharashtra): Private sector lender HDFC Bank has said its advances aggregated to Rs 9.93 lakh crore as of March 31, marking a growth of about 21 per cent as compared to Rs 8.19 lakh crore a year ago and Rs 9.36 lakh crore on December 31, 2019. The bank’s deposits aggregated to Rs 11.46 lakh crore, clocking a growth of 24 per cent as compared to Rs 9.23 lakh crore as of March 31, 2019 and Rs 10.67 lakh crore on December 31, 2019. The CASA (current account saving account) ratio stood at 42 per cent as of March…

Mumbai: Sunil Alaric D’Souza on Saturday assumed charge as Managing Director and Chief Executive Officer of Tata Consumer Products. The new company was formed in February following the merger of Tata Global Beverages and the consumer products business of Tata Chemicals. D’Souza, an engineering graduate and an alumnus of Indian Institute of Management Calcutta (IIM-C) brings in nearly three decades of experience working with some of the marquee brands in the country. “Tata Consumer Products has an impressive portfolio of brands which play in categories with huge headroom for growth, and there are clear plans to further strengthen their position…

Hyderabad: Bharat biotech is developing a one drop COVID-19 intranasal vaccine ‘CoroFlu’ using a proven safety platform. The vaccine, ‘CoroFLu’ is built on a flu vaccine “backbone”, which has already proved to be safe and well tolerant when given to humans, in Phase I and II of the clinical trials. The medicine is being developed by Bharat Biotech is an international collaboration with virologists at the University of Wisconsin-Madison and the vaccine companies FluGen CoroFlu will build on the backbone of FluGen’s flu vaccine candidate known as M2SR. It is based on an invention by UW-Madison virologists and FluGen co-founders…

Singapore: Fitch Ratings on Friday cut its GDP growth forecast for India to 2 per cent for the fiscal year ending March 2021 after lowering it to 5.1 per cent previously, which will make it the slowest growth in India over the past 30 years. Micro, small and medium-sized enterprises (MSMEs) and the services segment are likely to be among the most affected amid reduced consumer spending, it said. On March 20, Fitch had projected India’s GDP growth for 2020-21 at 5.1 per cent, lower than 5.6 per cent estimated in December 2019. The initial disruptions to regional manufacturing supply…

Hyderabad: Engineering and technology solutions company Cyient said on Friday it will support Hitachi Rail accelerate the evolution of its signalling technology and expand its project execution capacity. As part of the agreement, Cyient will develop and operate a central delivery centre for Hitachi Rail in India and a regional centre in the United States. These centres will be responsible for delivering engineering services (such as application logic design, hardware design, software configuration, and verification and validation) for Hitachi’s global signalling projects that use proprietary interlocking platforms. They will also provide software development and configuration support for Hitachi’s ATS product.…

Mumbai: Domestic equity market benchmarks Sensex and Nifty settled over 2 per cent lower on Friday weighed by sell-off in index heavyweights such Axis Bank, IndusInd Bank and ICICI Bank. S&P BSE Sensex ended 674 points or 2.39 per cent down at 27,591, while broader Nifty50 index finished below the crucial 8,100 level, down 170 points or 2.06 per cent. As many as 21 stocks out of 30 Sensex stocks settled in deep sea of red with Axis Bank as the top Sensex loser, down 8.86 per cent, followed by IndusInd Bank, ICICI Bank and Titan. On the flip side,…

Panaji: Goa Shipyard Limited (GSL) has extended financial support of Rs 1.25 crore towards PM CARES Fund and Rs 50 lakhs towards Goa Chief Minister’s Relief Fund to support country’s battle against COVID-19. “Under the Corporate Social Responsibility (CSR) initiative, the financial aid provided by GSL will be used as a part of preventive and relief measures against COVID-19, in the state of Goa,” said CMDE BB Nagpal. In addition to this, all employees have also contributed their one day’s salary towards the cause and GSL has distributed 5000 face masks for Goa Police personnel who are involved in COVID-19…

Mumbai: Pharma major Lupin Ltd said on Friday it has got an establishment inspection report (EIR) from the US Food and Drug Administration for its Aurangabad facility. “This takes us a step forward in our efforts of enhancing our compliance and quality standards across all our manufacturing sites,” said Managing Director Nilesh Gupta. “We continue to work with the US FDA to continuously improve our quality and compliance while providing important medicines to the US market,” he said in a statement. The inspection for Aurangabad facility was carried out between February 10 and 14, and concluded with no observations. “We…

New Delhi: Jindal Steel and Power Ltd (JSPL) said on Friday its domestic steel production totalled 6.3 million tonnes in 2019-20, up 13 per cent from 5.59 million tonnes in the previous fiscal. The production at JSIS Oman too moved up by 9 per cent from 1.71 million tonnes to 1.87 per cent in the same period. While domestic sales jumped 12 per cent to 6.04 million tonnes in FY20 from 5.41 per cent in FY19, sales at JSIS Oman moved up 4 per cent to 1.88 million tonnes from 1.81 million tonnes. “It is truly a splendid achievement,” said…

Manila: The Asian Development Bank (ADB) projects India’s gross domestic product (GDP) will slow to 4 per cent in the fiscal year 2020 ending on March 31, 2021 due to a weak global environment and continued efforts to contain the novel coronavirus (COVID-19) outbreak in the country. The forecast assumes that the pandemic dissipates and full economic activity resumes from the second quarter of FY20. The Asian Development Outlook (ADO) 2020 forecasts a recovery in India’s economy in FY21 with a growth of 6.2 per cent supported by government reform. India’s economy recorded 5 per cent growth in FY19. ADO…

Amaravati (Andhra Pradesh): Renowned pharmaceutical company Aurobindo Pharma on Thursday announced a cumulative donation of Rs 11 crore to Andhra Pradesh CM Relief Fund to combat COVID-19. Company director Sarat Chandra Reddy handed over a cheque of Rs 7.50 crore to Chief Minister YS Jaganmohan Reddy at his camp office. Apart from this monetary contribution, Aurobindo Pharma is going to provide high-end medical kits, other medical equipment, sanitisers and masks worth Rs 3.5 crores

New Delhi: Bharat Dynamics Limited (BDL) has contributed Rs 9.02 crores to PM CARES fund to fight the surging coronavirus cases in the country. The amount included a one-day salary of BDL employees and the funds allocated under Corporate Social Responsibility (CSR). The Ministry of Defence said in a statement, “Bharat Dynamics Limited (BDL) has contributed Rs 9.02 crores to PM CARES fund to fight #COVID19. The amount includes a one-day salary of employees of BDL and the funds under CSR: Ministry of Defence” Meanwhile, Ministry of Defence has issued a clarification after reports emerged in a section of media…

New Delhi: Corona cases are increasing in the country due to which people are scared. Meanwhile, there is a relief news. The Insurance Regulatory IRDAI said that Arogya Sanjivani included hospitalization and treatment due to corona. Arogya Sanjeevani is a standard health plan prepared by IRDA. All 29 general and health insurance companies follow this standard health plan. It has been launched on April 1, 2020. Under this, basic health cover up to 1-5 lakhs is covered. The premium charge is around 1000 rupees for every lakh cover. The IRDA said that corona treatment is free in government hospitals. But…